Poland’s Richest Man Kulczyk Seeks To Invest In Ethiopia’s Energy Sector

Written by Kevin Mwanza

Poland’s richest man, Jan Kulczyk, is searching for investments in Ethiopia’s energy sector among other investment on the continent as the billionaire diversify’s his portfolio in Africa, a region that has shown potential of high rate of returns to investors as the countries’ economies pick up pace.

The founder and owner of Kulczyk Holding SA and international investment house, Kulczyk Investments was in Ethiopia this week and met with Prime Minister Hailemariam Desalegn and officials from the African Union.

Kulczyk, 64, is estimated to be worth $3.9 billion and was ranked 402 on the World’s Billionaire list by Forbes. His arrival makes him the third billionaire after Sheik Mohammmed Al-Amoudi (worth $15.4 billion) and Aliko Dangote (worth $21 billion) to show business interests in Ethiopia.

Over half of Kulczyk’s investments are tied up in beer maker SABMiller and also holds a 40 percent stake in Neconde Energy Limited, a consortium that acquired an oil production license in Nigeria, Geeska Afrika reported

Kulczyk Investments has an international advisory board comprising Horst Köhler, former President of Germany (2004-2009), former Chairman of International Monetary Fund and General Director of the European Bank for Reconstruction and Development, Aleksander Kwaśniewski, former President of Poland (1995-2005) and James L. Jones, a retired US Marine Corps General, former US National Security Advisor and former NATO Supreme Allied Commander.

The company focuses on opportunities in global emerging markets with four strategic sectors namely mineral resources, energy, infrastructure and real estate.

Apart from Ethiopia, Kulczyk, who’s looking to expand his investment portfolio in Africa,  plans to invest in South Sudan. Kulczyk’s investment firm is looking for gas off the east and west coasts of Africa through Ophir Energy, in which Kulczyk Investments holds a 9.6 percent stake.

Kulczyk has already invested a total of $1.1 billion in Africa, by buying a gold mine in Namibia, a coalmine in Mozambique, fertilizer production plant in Nigeria, mining iron ore in Congo-Brazzaville and gas fields in Tanzania, which he says are all profitable.